Bitfinex Reveal Plans For $1 Billion ICO For Native Token

Bitfinex Reveal Plans For $1 Billion ICO For Native Token

According to documentation revealed that Bitfinex ‘s native coin’s ICO (initial coin offing) will reach the $1 billion mark.

This information was revealed by Zhao Dong,  a Bitfinex Shareholder, on Twitter yesterday evening. He posted a document that detailed a massive $1 billion worth of the exchange’s tokens will be released during the ICO. The token, which is known as LEO, will become a core element of the company’s foundations.

According to the documentation, those who manage to get their hands on a share of this huge amount of token will be awarded reduced trading fees on their core network, Bitfinex, as well as their decentralised exchange, EOSfinex.

They will also be granted other perks including a discount on lending’s fees, withdrawals and deposits and derivatives. With similar advantages becoming available on IFinex services too. As such, this is an ICO brimming with opportunities for purchasers to benefit.

It is unlikely a coincidence that this has come just over a week after
Bitfinex were accused of illicit behaviour with Tether, with whom they share a CEO.

The latter was accused of covering $850 million loss that was accumulated by Bitfinex over the course of 2018. In response to this, they withdrew that exact amount from a series of cold wallets, which apparently have since are currently frozen in multiple accounts under the control of a payment processing firm.

It is believed that this ICO will be intended to remedy the issues the Bitfinex are currently facing, hence the hefty benefits that buyers will receive.

Will it be enough to tempt though during this time of turmoil though? It’s hard to say, but they certainly won’t be helped by the fact that numerous jurisdictions, including the US and Canada, will be excluded from the ICO.

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